Mississippi
VA Loans in Mississippi
The VA Loan is an invaluable resource for military families and veterans looking to purchase a home. In Mississippi, veterans and active-duty military personnel have leveraged VA Loan benefits in cities such as Jackson, Gulfport, and Southaven, where the advantages of $0 down payment and favorable loan terms have facilitated homeownership in a diverse range of communities.
With home prices varying significantly across the state, the VA Loan provides an opportunity for military families to enter the housing market more easily. Coupled with no PMI, lower interest rates, and relaxed credit score requirements, VA Loans are making homeownership more accessible for more military families in Mississippi than ever before.
Median Sale Price of Homes in Mississippi*
| Jackson | $64,653 |
| Gulfport | $192,821 |
| Southaven | $265,506 |
| Mississippi Statewide Average | $296,175 |
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*Data pulled from real estate sources (2024)
Property Taxes in Mississippi
In Mississippi, property taxes are lower than the national average, with an effective property tax rate of only 0.75%. The median annual property tax payment in the state is approximately $1,097, which is less than half the national average. This makes Mississippi an attractive state for homeowners looking for affordable property tax rates.
Veteran/Military Property Taxes
Mississippi offers significant property tax exemptions for veterans. Veterans with a service-connected, total disability, and an honorable discharge are exempt from all ad valorem taxes on the assessed value of their home. This exemption also extends to their un-remarried surviving spouses, providing substantial financial relief and benefits.
Insurance Programs in Mississippi
Mississippi, prone to severe weather events like hurricanes and floods, necessitates robust insurance coverage for homeowners. Veterans utilizing VA Loans in Mississippi are advised to seek comprehensive homeowner's insurance that covers these natural disasters. It is recommended that veterans consult with licensed insurance agents to find the best coverage options that address the specific risks associated with their localities.
Military Presence in Mississippi
Mississippi hosts several significant military installations that play crucial roles in both national defense and the state's economy. These bases support thousands of military personnel and their families, providing a strong foundation for local communities. Here’s a list of major military bases located in Mississippi:
- Keesler Air Force Base - Located in Biloxi, Keesler AFB is home to the 81st Training Wing, the 403rd Wing, and is a major center for electronics and weather training for the U.S. Air Force.
- Naval Air Station Meridian - NAS Meridian is located in Meridian and serves as a training ground for Navy and Marine Corps aviators. It houses the Naval Technical Training Center and the Marine Aviation Training Support Squadron.
- Camp Shelby - Near Hattiesburg, Camp Shelby is the largest state-owned training site in the nation and serves as a training site for the U.S. Army. It also hosts the Armed Forces Museum.
- Columbus Air Force Base - Located in Columbus, this base is part of Air Education and Training Command (AETC) and is primarily used for flight training for Air Force pilots.
- Naval Construction Battalion Center Gulfport - Located in Gulfport, this base is home to the Atlantic Fleet Seabees, naval construction forces known for their building and fighting skills.
These bases are distributed across the state and provide diverse capabilities that contribute to the military readiness of the United States. Each installation also brings economic benefits to its region and offers numerous employment opportunities for local residents.
VA Home Loan Volume in 2021 in Mississippi*
| Total Loans | 4,267 |
| Average Loan Amount | $269,748 |
| Total Loan Amount (ALL) | $1,151,014,330 |
| Total Purchase Loans | 3,353 |
| Total Purchase Loans % | 78.58% |
| Total Cash-Out Loans | 840 |
| Total Cash-Out Loans % | 19.69% |
*Data pulled from the Department of Veterans Affairs (2024)
FAQ’s about VA Loans in Mississippi
How do I buy a house in Mississippi? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Mississippi? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Mississippi? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.